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Thursday, November 17, 2016

Prepare for Significant Oil Policy Shifts Under President Donald Trump

From Bloomberg:

Some U.S. oil policies are likely to shift significantly when Donald Trump assumes the presidency next year. While details remain sketchy, he’s highlighted a number of areas where he differs significantly from current policy.

Relations with the Middle East and OPEC

Donald Trump has been critical of both Saudi Arabia and Iran during the campaign. He said that he was not a "big fan" of the Saudi government in a 2015 appearance on NBC’s "Meet the Press" and told the New York Times in March that he might stop buying oil from Saudi Arabia and other Arab countries unless they committed ground troops to combat Islamic State or reimbursed the U.S. for its efforts.

Trump is also opposed to the nuclear deal with Iran that unlocked the country’s oil exports. He said in a speech to the American Israel Public Affairs Committee in Washington in March that his “No. 1 priority is to dismantle the disastrous deal with Iran.” While tearing apart the accord is "technically possible," it is “extremely unlikely” that the other world powers that negotiated with Iran alongside the U.S. -- China, France, Russia, the U.K. and Germany -- “would follow our lead," U.S. Energy Secretary Ernest Moniz said in April.